Newsbrief
July 25, 2023
VA: Updates to UM coverage
As originally noted on April 18, the state of Virginia is requiring all carriers to make updates to uninsured motorist (UM) options for commercial auto policies. The first phase of the transition is complete and the second phase is now underway.
Here’s what you need to know:
- New quotes started on or after July 15 will now see the alterative UM coverage option.
- Renewal business with effective dates starting Sept. 30 will have the new UM coverage, corresponding premium and policyholder notice. An endorsement can be processed to reduce coverage to the alternative UM.
- Recently issued policies, submitted before July 15, with an effective date of July 1 or after, will automatically receive the new broader UM coverage without the added premium impact until their 2024 renewal.
Please note that customers who choose alternative UM for a reduced premium must sign a coverage selection form using current workflow processes.
As originally noted on April 18, the state of Virginia is requiring all carriers to make updates to uninsured motorist (UM) options for commercial auto policies. The first phase of the transition is complete and the second phase is now underway. Here’s what you need to know: New quotes started on or after…
Introducing a new verification process for in-force commercial auto
Starting July 24, Liberty Mutual has a new verification process for in-force commercial auto policies. Currently, auto radius and business use make up part of the auto classification. Based on third-party data, we know these factors are often misclassified, and that higher mileage can be an indicator of these misclassifications.
To address this, we will send a letter requesting confirmation of average radius, based on operations, and the number of daily stops to all customers with autos showing a radius of Local (0-50 miles) and business use as Service. Policies will then be corrected based on the responses. If the customer does not respond, the radius will be updated to Intermediate (51-200 miles) but no action will be taken around business use.
When inaccurate data is used to rate policies and make underwriting decisions, premiums become misaligned with risk profiles, which stifles growth and drives premium increases at renewal. That’s why we’re taking this step to stabilize rates, which will also provide a better experience for your clients and help grow your agency’s book.
Learn about our preferred appetite and eligibility guidelines for commercial auto or contact your underwriter for more information.
Starting July 24, Liberty Mutual has a new verification process for in-force commercial auto policies. Currently, auto radius and business use make up part of the auto classification. Based on third-party data, we know these factors are often misclassified, and that higher mileage can be an indicator of these misclassifications. To address this, we…
New Agency Financials Portal
The new Agency Financials Portal helps you quickly locate and download key financial information for policies contained in our new billing system. Search for and sort policy transactions, export policy data and download commission rates with ease. To access the tool, log in to the Agents’ Portal, open the My agency menu and click Agency Financials Portal under Agency financials & commission. For more information, check out the Agency Financials Portal Guide.
The new Agency Financials Portal helps you quickly locate and download key financial information for policies contained in our new billing system. Search for and sort policy transactions, export policy data and download commission rates with ease. To access the tool, log in to the Agents’ Portal, open the My agency menu and click Agency…
Updates to auto, BOP, and motor cargo in eCLIQ® Simple™
Doing business with us is even easier with eCLIQ Simple. Check out these recent changes:
- Agency bill payment plans have been expanded to align with payment plans offered in our legacy billing system.
- When quoting auto in eCLIQ Simple, prior carrier claim details are now captured for each of the previous three years, in lieu of a total for all three years.
Learn more about these changes and more.
Doing business with us is even easier with eCLIQ Simple. Check out these recent changes: Agency bill payment plans have been expanded to align with payment plans offered in our legacy billing system. When quoting auto in eCLIQ Simple, prior carrier claim details are now captured for each of the previous three years, in…
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